BLBG: Crude Oil Falls as Dollar’s Gain Reduces Demand for Commodities
By Christian Schmollinger
March 4 (Bloomberg) -- Crude oil fell in New York after the dollar gained as investors sought safer assets amid concern that Greece won’t receive financial backing from other European nations to ease its economic crisis.
Crude oil for April delivery declined as much as 49 cents, or 0.6 percent, to $80.38 a barrel in electronic trading on the New York Mercantile Exchange. It was at $80.39 a barrel at 2:41 p.m. Singapore time. Yesterday, the contract increased $1.19, or 1.5 percent, to $80.87, the highest settlement since Jan. 11.
To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net.